KPI Green Energy's Subsidiary Secures Solar Project Orders Totaling 7 MW

KPI Green Energy Limited, a leading entity in the renewable energy sector, has announced that its wholly-owned subsidiary, Sun Drops Energia Private Ltd, has received Letters of Intent (LoIs) for new solar power projects with a cumulative capacity of 7 MW. The orders, awarded by domestic firms Wolkem India Ltd and Mahadev Texo Fab, are scheduled for execution within the financial year 2024-25 (FY25). The projects will be completed in multiple phases as outlined in the agreements.

Stock Market Reacts Positively to New Project Announcements

Following the announcement, KPI Green Energy’s stock experienced a positive upsurge on the BSE, opening at ₹880 per share and quickly climbing to a peak of ₹900. This rise reflects investor confidence in the company’s continued growth and expansion in the renewable energy market.

Financial Performance: A Strong Start to FY25

In addition to securing new project orders, KPI Green Energy Limited reported a robust financial performance for the quarter ending 30 June 2024. The company’s net profit surged to ₹66.11 crore, nearly doubling from ₹33.26 crore in the corresponding quarter of the previous year, marking a 99% year-on-year growth. This impressive profit increase was largely driven by a significant rise in income.

Revenue for the June quarter also showed substantial growth, increasing by 83.6% year-on-year to ₹349.85 crore, compared to ₹190.56 crore in the same period last year. These results highlight KPI Green Energy’s successful business strategy and its ability to capitalize on the growing demand for renewable energy.

Interim Dividend Announced for FY25

Reflecting its strong financial position, the Board of KPI Green Energy has approved an interim dividend of 0.20 paisa per equity share, with a face value of ₹5 each, for FY25. The record date for the interim dividend payment was set for 21 August 2024.

About KPI Green Energy

Formerly known as KPI Global Infrastructure Ltd, KPI Green Energy Limited continues to establish itself as a leader in the renewable power generation sector. With its headquarters in Gujarat, the company’s latest achievements underscore its commitment to expanding its solar energy portfolio and maintaining a strong financial performance in the evolving energy market.